IPhone 6 and Apple Pay - Will it replace all my cards if I want it to?

I have too many cards. Bank cards, credit cards, loyalty cards, fuel cards, coffee cards, work cards you name it.

Will Apply Pay on the iPhone 6 allow me to put all these different cards onto my iPhone and select between them when I make payments, or is Apple Pay just their own payment system and in other words yet another card albeit a phone sized one?

I'd love a device where I can store my cards virtually on a smartphone just so I don't have to carry the cards with me. I would then be able to use the phone as my debit card and to collect loyalty cards points at the same time for example when shopping in a store with a loyalty scheme.

Does Apple Pay work like this or is it just it's own separate system?

Added (1). E.g. Here in the UK I may wish to pay for products in Boots using my debit card and collect loyalty points on my Advantage card at the same time both separate cards.

At Sainsburys or BP Petrol station to pay with Debit card and collect points on my Nectar Card,

And so on. You get the picture.

So are you saying iPhone 6 and Apply Pay will allow me store store my Nectar Card and Advantage Card on Apple Pay and an iPhone 6 or not?

Cards add up when each establishment has their own one.

That's the whole point of apply pay. You don't have to carry all of those pieces of plastic with the chance of losing a card and having to cancel and buy a new one. You can enter the information of your current credit cards into the apply pay system.

Why do you have all those cards instead of just a credit card?

Not for a while

Apple Pay is sure going to run into glitches in the early stage. So be patient.